DOCSLIB.ORG

Money and Monetary Policy in the Twenty-First Century -First Century

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Money and Monetary Policy in the Twenty-First Century -First Century THE ROLE OF MONEY – MONEY AND MONETARY POLICY IN THE TWENTY-FIRST CENTURY -FIRST CENTURY FOURTH THE ROLE OF MONEY – MONEY AND MONETARY POLICY IN THE TWENTY THE POLICY IN AND MONETARY OF MONEY – MONEY THE ROLE ECB CENTRAL BANKING CONFERENCE 9-10 NOVEMBER 2006 ISBN 978-928990207-6 EDITORS ANDREAS BEYER 9 789289 902076 EUROPEAN CENTRAL BANK EUROPEAN LUCREZIA REICHLIN THE ROLE OF MONEY – MONEY AND MONETARY POLICY IN THE TWENTY-FIRST CENTURY FOURTH ECB CENTRAL BANKING CONFERENCE 9-10 NOVEMBER 2006 EDITORS ANDREAS BEYER LUCREZIA REICHLIN © European Central Bank, 2008 Address Kaiserstrasse 29 60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main Germany Telephone +49 69 1344 0 Website http://www.ecb.int Fax +49 69 1344 6000 The views expressed in this volume do not necessarily reflect those of the European Central Bank and the Eurosystem. All rights reserved. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. ISBN 978-92-899-0207-6 (print version) ISBN 978-92-899-0208-3 (online version) CONTENTS INTRODUCTION by Lucrezia Reichlin ................................................................................... 5 OPENING ADDRESS The role of money by Jürgen Stark ........................................................................................... 16 SESSION 1 HOW IMPORTANT IS THE ROLE OF MONEY IN THE MONETARY TRANSMISSION MECHANISM? Two reasons why money and credit may be useful in monetary policy by Lawrence J. Christiano, Roberto Motto and Massimo Rostagno .............. 28 Does a “two-pillar Phillips curve” justify a two-pillar monetary policy strategy? by Michael Woodford ................................................................................. 56 Comments Christian Noyer .......................................................................................... 83 Harald Uhlig ............................................................................................... 87 General discussion ..................................................................................... 97 SESSION 2 HOW USEFUL ARE MONETARY AND CREDIT AGGREGATES IN THE CONDUCT OF MONETARY POLICY? Money and monetary policy: the ECB experience 1999-2006 by Björn Fischer, Michele Lenza, Huw Pill and Lucrezia Reichlin .............. 102 Comments Philipp M. Hildebrand ................................................................................ 176 Jordi Galí ................................................................................................... 182 General discussion ..................................................................................... 190 KEYNOTE SPEECH The role of money in the conduct of monetary policy by Lucas Papademos ................................................................................... 194 3 SESSION 3 WHAT ARE THE BENEFITS OF RESPONDING TO MONETARY DEVELOPMENTS? Pillars of globalisation: a history of monetary policy targets, 1797-1997 by Marc Flandreau ...................................................................................... 208 Comments Michael D. Bordo ....................................................................................... 244 Christian de Boissieu .................................................................................. 252 General discussion ..................................................................................... 256 HONORARY ADDRESS The ECB’s monetary policy strategy: why did we choose a two pillar approach? by Otmar Issing .......................................................................................... 260 SESSION 4 PANEL: MONEY AND MONETARY POLICY – ACADEMIC VIEWS Panel discussion Ricardo J. Caballero ................................................................................... 272 Jean-Pierre Danthine ................................................................................... 284 Mark Gertler .............................................................................................. 290 Tobias Adrian and Hyun Song Shin ............................................................. 299 General Discussion ..................................................................................... 310 SESSION 5 PANEL: MONEY AND MONETARY POLICY – POLICY VIEWS Panel discussion Ben S. Bernanke ......................................................................................... 314 Kazumasa Iwata.......................................................................................... 321 Jean-Claude Trichet .................................................................................... 331 Zhou Xiaochuan ......................................................................................... 337 General discussion ..................................................................................... 342 CLOSING ADDRESS by Jean-Claude Trichet ............................................................................... 346 Programme................................................................................................... 350 4 INTRODUCTION BY LUCREZIA REICHLIN, ECB There is an apparent paradox in modern monetary policy theory. Although there is no doubt that monetarism gained an important intellectual victory after the great in ation of the 1970s and we can say that, citing a phrase used by Michael Woodford (Columbia University) at the conference whose proceedings are published in this volume, “we are all monetarists now”, both in policy practice and in the academic mainstream, money has lost its central role. Most central banks in the world are now giving a prominent role to the price stability objective and most of them have adopted in ation targeting as a strategy (see the 2007 BIS Annual Report for a review of strategies at different central banks). Moreover, the new Keynesian model, the basis of quantitative analysis in the modern theory and practice of monetary economics, does not assign money a special role for the control of in ation. This model, although it implies the basic monetarist principle of the neutrality of money, determines the equilibrium price level without any reference to the money supply. The fourth ECB central banking conference provided a oor for both academics and policy makers to explore this paradox. It is perhaps appropriate for the ECB to have chosen this subject for its fourth conference since, although it does not target monetary aggregates, the ECB is the only institution, amongst major central banks, to clearly attribute a special role to money under its “two pillar strategy”. The ECB has been much criticised, especially in academic quarters, for the monetary pillar aspect of its strategy, yet it is widely recognised that the ECB has been successful in maintaining price stability in the Euro area. Is practice ahead of theory, as the intervention of Otmar Issing (former ECB Board member) suggests? To nd an answer to this broad question, the conference looks at the problem from different perspectives: analytical, empirical and historical, each of them discussed in a different session. From the theoretical point of view, the question is whether the neglect of the special role of money in the basic neo-Keynesian model is due to its simplistic nature and, in particular, to the absence of credit frictions and the disregard of the role of nancial markets. From the empirical point of view, the question is what role the money pillar has actually played in the practical conduct of monetary policy in the Euro area. This is a difficult question to address given the short history of the institution, but it can, at least partly, be analysed on the basis of eight years of data. If the history of the ECB is short however, there are other historical experiences that one can look at to shed light on the debate about the conduct of monetary policy. In the third session, Marc Flandreau (Institut d’Études Politiques de Paris) looks at two hundred years of European history to shed some light on why, INTRODUCTION 5 over time institutions have adopted particular targets, while in the policy panel Chairman Bernanke (Federal Reserve), Deputy Governor Iwata (National Bank of Japan), Governor Zhou Xiaochuan (People’s Bank of China) and President Trichet (ECB) examine the experience of their respective institutions. Let me start from the analytical question of the role of money in the monetary transmission mechanism, the focus of the rst session. As mentioned, the macroeconomic model which represents the core consensus in modern macroeconomics and which is the basis of the models that are routinely calibrated or estimated at central banks to inform the policy process, does not give money a central role. In its most basic version it consists of three equations – an aggregate supply relation, an inter-temporal IS curve in which monetary policy affects aggregate expenditure via the expected short term real rate of return, and a third equation that closes the system by specifying monetary policy. Monetary policy is typically speci ed by means of a Taylor rule. In this model, in ation is determined by the in ation target of the central bank and by the gap between the natural rate of interest and the intercept adjustment in the Taylor rule. The model, although it has no explicit reference to the money supply, implies a determinate in ation rate and, given an initial price level, a determinate path for the price level. Although it implies that the equilibrium price level depends on monetary policy, and
Load more

Recommended publications
  • The Econometric Society European Region Aide Mémoire
    The Econometric Society European Region Aide M´emoire March 22, 2021 1 European Standing Committee 2 1.1 Responsibilities . .2 1.2 Membership . .2 1.3 Procedures . .4 2 Econometric Society European Meeting (ESEM) 5 2.1 Timing and Format . .5 2.2 Invited Sessions . .6 2.3 Contributed Sessions . .7 2.4 Other Events . .8 3 European Winter Meeting (EWMES) 9 3.1 Scope of the Meeting . .9 3.2 Timing and Format . 10 3.3 Selection Process . 10 4 Appendices 11 4.1 Appendix A: Members of the Standing Committee . 11 4.2 Appendix B: Winter Meetings (since 2014) and Regional Consultants (2009-2013) . 27 4.3 Appendix C: ESEM Locations . 37 4.4 Appendix D: Programme Chairs ESEM & EEA . 38 4.5 Appendix E: Invited Speakers ESEM . 39 4.6 Appendix F: Winners of the ESEM Awards . 43 4.7 Appendix G: Countries in the Region Europe and Other Areas ........... 44 This Aide M´emoire contains a detailed description of the organisation and procedures of the Econometric Society within the European Region. It complements the Rules and Procedures of the Econometric Society. It is maintained and regularly updated by the Secretary of the European Standing Committee in accordance with the policies and decisions of the Committee. The Econometric Society { European Region { Aide Memoire´ 1 European Standing Committee 1.1 Responsibilities 1. The European Standing Committee is responsible for the organisation of the activities of the Econometric Society within the Region Europe and Other Areas.1 It should undertake the consideration of any activities in the Region that promote interaction among those interested in the objectives of the Society, as they are stated in its Constitution.
    [Show full text]
  • Download PDF (673.5
    PEOPLE IN ECONOMICS Jeremy Clift profi les Lucrezia Reichlin, a pioneer in real-time short-term forecasting The QUEEN of Numbers URO area growth may be on the Business School, she is also a non-executive mend, but the risks are far from over director of UniCredit—an Italian commercial and the region is still in for a bumpy bank active in central and eastern Europe—a ride, reckons Lucrezia Reichlin, a former director of research at the ECB under Eprofessor at the London Business School who then-President Jean-Claude Trichet, and a for- was the fi rst female head of research at the mer consultant to the U.S. Federal Reserve. European Central Bank (ECB). “I think we’re not out of the crisis, and it’s Ringside seat going to take a while before we find the way,” “Sitting on the board of a commercial bank says Reichlin, an expert in business cycle gives you a ringside perspective of Europe’s analysis. “We have a technical recovery in banking problems,” says Reichlin, who lives terms of GDP showing positive growth, but in north London with her daughter but visits it doesn’t mean the risks to Europe are over,” Italy regularly. she says in her cramped office overlooking She sees a banking union and implementa- London’s Regent’s Park. tion of a planned process for reorganizing or She is a pioneer in real-time short-term winding up failed banks as crucial next steps economic forecasting that harnesses large for a more stable euro area. The outcome amounts of data, and her expertise intersects of European Parliament elections in May the commercial and academic worlds.
    [Show full text]
  • GOODSPEED MUSICALS TEACHER's INSTRUCTIONAL GUIDE MICHAEL GENNARO Executive Director
    GOODSPEED MUSICALS TEACHER'S INSTRUCTIONAL GUIDE MICHAEL GENNARO Executive Director MICHAEL P. PRICE Founding Director presents Book by MARC ACITO Conceived by TINA MARIE CASAMENTO LIBBY Musical Adaptation by DAVID LIBBY Scenic Design by Costume Design by Lighting Design by Wig & Hair Design by KRISTEN ROBINSON ELIZABETH CAITLIN WARD KEN BILLINGTON MARK ADAM RAMPMEYER Creative Consultiant/Historian Assistant Music Director Arrangements and Original JOHN FRICKE WILLIAM J. THOMAS Orchestrations by DAVID LIBBY Orchestrations by Sound Design by DAN DeLANGE JAY HILTON Production Manager Production Stage Manager Casting by R. GLEN GRUSMARK BRADLEY G. SPACHMAN STUART HOWARD & PAUL HARDT Associate Producer Line Producer General Manager BOB ALWINE DONNA LYNN COOPER HILTON RACHEL J. TISCHLER Music Direction by MICHAEL O'FLAHERTY Choreographed by CHRIS BAILEY Directed by TYNE RAFAELI SEPT 16 - NOV 27, 2016 THE GOODSPEED TABLE OF CONTENTS How To Use the Guides........................................................................................................................................................................4 ABOUT THE SHOW: Show Synopsis..........................................................................................................................................................................5 The Characters..........................................................................................................................................................................7 Meet the Writers......................................................................................................................................................................8
    [Show full text]
  • “Clean Hands” Doctrine
    Announcing the “Clean Hands” Doctrine T. Leigh Anenson, J.D., LL.M, Ph.D.* This Article offers an analysis of the “clean hands” doctrine (unclean hands), a defense that traditionally bars the equitable relief otherwise available in litigation. The doctrine spans every conceivable controversy and effectively eliminates rights. A number of state and federal courts no longer restrict unclean hands to equitable remedies or preserve the substantive version of the defense. It has also been assimilated into statutory law. The defense is additionally reproducing and multiplying into more distinctive doctrines, thus magnifying its impact. Despite its approval in the courts, the equitable defense of unclean hands has been largely disregarded or simply disparaged since the last century. Prior research on unclean hands divided the defense into topical areas of the law. Consistent with this approach, the conclusion reached was that it lacked cohesion and shared properties. This study sees things differently. It offers a common language to help avoid compartmentalization along with a unified framework to provide a more precise way of understanding the defense. Advancing an overarching theory and structure of the defense should better clarify not only when the doctrine should be allowed, but also why it may be applied differently in different circumstances. TABLE OF CONTENTS INTRODUCTION ................................................................................. 1829 I. PHILOSOPHY OF EQUITY AND UNCLEAN HANDS ...................... 1837 * Copyright © 2018 T. Leigh Anenson. Professor of Business Law, University of Maryland; Associate Director, Center for the Study of Business Ethics, Regulation, and Crime; Of Counsel, Reminger Co., L.P.A; [email protected]. Thanks to the participants in the Discussion Group on the Law of Equity at the 2017 Southeastern Association of Law Schools Annual Conference, the 2017 International Academy of Legal Studies in Business Annual Conference, and the 2018 Pacific Southwest Academy of Legal Studies in Business Annual Conference.
    [Show full text]
  • Opening Speech
    OPENING SPEECH Christian Noyer Governor Banque de France am delighted to open this 5th international We are facing a combination of two diffi culties. symposium of the Banque de France, which I is an opportunity to bring together heads of First, at present, for all countries, the risks for growth central banks and international institutions, leading are on the downside and for infl ation on the upside. academics and directors of private banks, as well Beyond the diversity of their mandates, this represents as representatives of industrialised and emerging a common challenge for all central banks. countries, in order to address a topical issue of common interest and concern to us all. Today’s debate Second, we are all affected, to differing degrees, by will be rich and intense. The fi rst session, chaired the turmoil of the past eight months in the credit by Jean-Claude Trichet, President of the European markets. In the coming hours we shall hold an in-depth Central Bank, will present the main concepts and debate on the relationship between fi nancial stability stylised facts of globalisation and world infl ation. and price stability. But I believe that we will all agree The second session, chaired by Jean-Pierre Roth, that the conduct of monetary policy is more diffi cult President of the Swiss National Bank, will focus on the and more uncertain in a less stable and more volatile links between globalisation and the determinants of fi nancial environment. domestic infl ation. The third session, which will take the form of a round table chaired by Nout Wellink, I would briefl y like to develop these two points.
    [Show full text]
  • Program Handout
    Brexit : What does it mean for Europe and its financial industry? with Christian Noyer, Former Governor of the Banque de France Monday, April 29, 2019 10:45 a.m. – 2:00 p.m. Cercle de l'Union Interalliée 33 rue du faubourg Saint-Honoré 75008 Paris Agenda 10:45 a.m. | Registration and Coffee • Welcome by Don Rissmiller, Chief Economist, Strategas & GIC Chair 11:00 a.m. – 12:00 p.m. | A Conversation with Governor Noyer Brexit : What does it mean for Europe and its financial industry? • Christian Noyer, Former Governor, Banque de France • Facilitated by Kathleen Stephansen, Senior Economic Advisor to the Boston Consulting Group Henderson Institute Center for Macroeconomics & GIC Vice Chair of Programs 12:00 – 2:00 p.m. | Lunch Duc de Luynes Dining Room - Ground floor Christian Noyer was born in 1950 near Paris. After obtaining a Bachelor of Laws (LL.B.), he received a Master’s Degree in Public Administration from the Paris Institute of Political Studies (“Scienc- es Po”). He then joined the Ecole Nationale d’Administration (ENA), of which he is a graduate. He entered the French Treasury in 1976, and spent two years in 1980-82 in Brussels as a financial attache at the French Delegation to the European Union. Back at the Treasury, he held various posi- tions, dealing both with domestic and international affairs, and was appointed Director of the Trea- sury in 1993. He also served as an adviser to Mr .Balladur, then Minister of Finance, in 1986-88, and as chief of staff to two other Finance Ministers in 1993 and 1995-97.
    [Show full text]
  • Ethical Bedrock Under a Changing Negotiation Landscape Kevin Gibson Marquette University, [email protected]
    Marquette University e-Publications@Marquette Philosophy Faculty Research and Publications Philosophy, Department of 1-1-2017 Ethical Bedrock Under a Changing Negotiation Landscape Kevin Gibson Marquette University, [email protected] Published version. "Ethical Bedrock Under a Changing Negotiation Landscape," in The Negotiator's Desk Reference / Christopher Honeyman, Andrea Kupfer Schneider, editors Saint Paul, Minn. : DRI Press, [2017]: 493-502. Publisher link. © 2017 DRI Press. Used with permission. -----~------------- ------------------~----.--~~--~~~-~ 03 36 ro The Ethical Bedrock under the Negotiation Landscape Kevin Gibson Editors')\~ " ~vote· }'j d' what's Pas 'bl o~r zlemmas as a negotiator fall into two basic sets, ch~Pters in~. e? and "what's right?" The first is treated by many UJ~ztes about t~ b?ok. Here,from his philosopher's background, Gibson thznk more e zrif[uence ofmorality on negotiations, and how we can should bere cJe?rly ~bout what's the right thing to do. This chapter The .Moralitya .~n coTl)unction with Carrie M enkel-Meadow's chapter on 0 J Compromise. Ethics in N Negot· . egotiation b Iabona ~ckdrop th PProaches and personal attitudes vary widely and against a tnight think ~ promo~es bargaining as optimizing personal gains some 0nlybYth t~ at anythmg goes. However, individuals are constrained not shape oure reshold requirements oflaw but also by personal values that . l'he d. co.nd.uct at the negotiating table. It ProVid Isciphne of philosophy can help negotiators in two ways. First, frarnewo e~ a set of time-tested principles that give us the conceptual benchrna \ and language to assess our actions. Secondly, it gives us or difficu~ s of acceptable behavior, which are particularly useful in novel are a numbcases when the law may give little or no guidance.
    [Show full text]
  • 11-21578 OTI Blum.Qxd
    April 2007 Se Habla Lawsuit? By Edward Blum Though an understanding of English is a requirement for U.S. citizenship, Section 203 of the Voting Rights Act mandates that “language assistance” be available to voters in districts with non-native speaker popula- tions that meet certain criteria. The enforcement of Section 203, however, costs taxpayers tens of thou- sands of dollars, and there is no evidence it helps non-native speakers vote. The experiences of Springfield, Massachusetts, illustrate these problems. “A City of Homes . A City for Business . Springfield, like hundreds of other towns and On the Issues A City Rich with History and Multi-cultural counties around the country, is subject to Section Diversity”—so reads the motto of Springfield, 203 of the Voting Rights Act because, among Massachusetts (pop. 150,000), halfway between many other complex criteria, more than 5 percent New York and Boston. With an ethnic mix of of the city’s population speaks a particular foreign blacks, whites, Hispanics, and others reflected in language. The law requires covered jurisdictions its local government, Springfield, like most of to translate all printed election materials into that New England today, supports liberal Democrats language and provide foreign-language assistance at the polls. In the 2006 election, for instance, at the polls. In its six years in office, the George nearly 70 percent of Springfield voters backed W. Bush administration has filed nineteen law- Deval Patrick, the African-American Demo- suits charging noncompliance with Section 203, cratic nominee for governor. more than were filed in all the years from 1978 to So it must have come as a shock to city 2000 combined.
    [Show full text]
  • Supreme Court of the United States
    APPENDIX TABLE OF CONTENTS Opinion of the Seventh Circuit (May 31, 2018) ....................................................la Order of the District Court Illinois (September 29, 2017) ........................................ l0a Order of the Seventh Circuit Denying Petition for Rehearing En Banc (August 6, 2018) ..............18a App.la OPINION OF THE SEVENTH CIRCUIT (MAY 31, 2018) IN THE UNITED STATES COURT OF APPEALS FOR THE SEVENTH CIRCUIT KENNETH MAYLE, Plain tiff-Appellant, V. UNITED STATES OF AMERICA, ET AL., Defendants-Appellees. No. 17-3221 Appeal from the United States District Court for the Northern District of Illinois, Eastern Division. No. 17 C 3417—Amy J. St. Eve, Judge. Before: WOOD, Chief Judge, MANION, and ROVNER, Circuit Judges. WOOD, Chief Judge. Kenneth Mayle, an adherent of what he calls non- theistic Satanism, sued the United States and officials from the United States Mint, Department of the Treasury, and Bureau of Engraving and Printing, to enjoin the printing of the national motto, "In God We Trust," on United States currency. The district court dismissed his complaint, and we affirm. App. 2a Mayle asserts that the motto amounts to a gov- ernment endorsement of a "monotheistic concept of God." Because Satanists practice a religion that rejects monotheism, they regard the motto as "an attack on their very right to exist." Possessing and using currency, Mayle complains, forces him (and his fellow Satanists) to affirm and spread a religious message "committed to the very opposite ideals that he es- pouses." In addition, Mayle characterizes the printing of the motto as a form of discrimination against adher- ents to minority religions because it favors practition- ers of monotheistic religions.
    [Show full text]
  • Program Handout
    2019 GLOBAL CITIZEN AWARD & ECONOMIC OUTLOOK Friday, December 13, 2019 FEDERAL RESERVE BANK OF PHILADELPHIA TABLE OF CONTENTS Agenda 2 2019 Global Citizen Award Recipient 3 • E. Martin Heldring, Senior Vice President and Managing Director, TD Bank & GIC Treasurer Speaker Biographies 5 • Michael Drury, Chief Economist, McVean Trading & Investments & GIC Chair Emeritus • Peter A. Gold, Esq., Principal, TheGoldGroup LLC & GIC Vice Chair • Dennis P. Lockhart, Former President and CEO of the Federal Reserve Bank of Atlanta • Stephanie Mackay, Chief Innovation Officer, Columbus Community Center & GIC Board Member • Charles I. Plosser, Ph.D., Former President and CEO of the Federal Reserve Bank of Philadelphia • Donald Rissmiller, Founding Partner of Strategas & GIC Chair 2018 College of Central Bankers 7 • Christian Noyer, Honorary Governor, Banque de France • Anthony Santomero, Former President of the Federal Reserve Bank of Philadelphia • William Poole, Senior Fellow, Cato Institute and Former President of the Federal Reserve Bank of St. Louis About the Global Interdependence Center 9 • 2019 Board of Directors • GIC Advisory Council • GIC Members Tribute Letters and Congratulatory Messages 13 Upcoming GIC Events 25 Notes 26 1 AGENDA 10:00 a.m. | Registration & Coffee 10:30 a.m. | Welcome • Don Rissmiller, Founding Partner & Chief Economist, Strategas and GIC Chair Presentation of the Global Citizen Award • E. Martin Heldring, Senior Vice President and Managing Director, TD Bank and GIC Treasurer – 2019 Global Citizen Award Honoree Announcement of the 2020 Board Officers and Remarks on Board Updates • Don Rissmiller, Founding Partner & Chief Economist, Strategas and GIC Chair • Stephanie Mackay, Chief Innovation Officer, Columbus Community Center and GIC Board Member 10:45 a.m.
    [Show full text]
  • The International Monetary and Financial
    April 2016 The Bulletin Vol. 7 Ed. 4 Official monetary and financial institutions ▪ Asset management ▪ Global money and credit Lagarde’s lead Women in central banks Ezechiel Copic on gold’s boost from negative rates José Manuel González-Páramo on monetary policy Michael Kalavritinos on Latin American funds Christian Noyer on threat to London’s euro role Paul Tucker on geopolitics and the dollar You don’t thrive for 230 years by standing still. As one of the oldest, continuously operating financial institutions in the world, BNY Mellon has endured and prospered through every economic turn and market move since our founding over 230 years ago. Today, BNY Mellon remains strong and innovative, providing investment management and investment services that help our clients to invest, conduct business and transact with assurance in markets all over the world. bnymellon.com ©2016 The Bank of New York Mellon Corporation. All rights reserved. BNY Mellon is the corporate brand for The Bank of New York Mellon Corporation. The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the Federal Reserve and authorised by the Prudential Regulation Authority. The Bank of New York Mellon London branch is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. Products and services referred to herein are provided by The Bank of New York Mellon Corporation and its subsidiaries. Content is provided for informational purposes only and is not intended to provide authoritative financial, legal, regulatory or other professional advice.
    [Show full text]
  • Decision of the Representatives of the Governments of the Member States Appointing the Members of the Executive Board of the ECB (26 May 1998)
    Decision of the Representatives of the Governments of the Member States appointing the members of the Executive Board of the ECB (26 May 1998) Caption: Decision taken by common accord of the Governments of the Member States adopting the single currency at the level of Heads of State or Government of 26 May 1998 appointing the President, the Vice-President and the other members of the Executive Board of the European Central Bank (98/345/EC). Source: Official Journal of the European Communities (OJEC). 28.05.1998, n° L 154. [s.l.]. "Decision taken by common accord of the Governments of the Member States adopting the single currency at the level of Heads of State or Government of 26 May 1998 appointing the President, the Vice-President and the other members of the Executive Board of the European Central Bank (98/345/EC)", p. 33. Copyright: All rights of reproduction, public communication, adaptation, distribution or dissemination via Internet, internal network or any other means are strictly reserved in all countries. The documents available on this Web site are the exclusive property of their authors or right holders. Requests for authorisation are to be addressed to the authors or right holders concerned. Further information may be obtained by referring to the legal notice and the terms and conditions of use regarding this site. URL: http://www.cvce.eu/obj/decision_of_the_representatives_of_the_governments_of_the_member_states_appointing_the_ members_of_the_executive_board_of_the_ecb_26_may_1998-en-7d52a340-40ed-4b38-99b0-03536fc4de5d.html
    [Show full text]